GREENSBORO, N.C. —Blue Ridge Cos. and Richardson Properties have partnered to co-develop Country Park at Tall Oaks, a 216-unit apartment community located near the intersection of Lawndale Drive and Pisgah Church Road in Greensboro. The property will feature running and bike trails, a fitness center, bike storage and workshop, swimming pool and a dog park with a pet wash station. Blue Ridge and Richardson plan to open the project in spring 2017.
WINSTON-SALEM, N.C. — Grubb Properties plans to build a multifamily community within Wake Forest Innovation Quarter, a master-planned research, education and mixed-use development located near Wake Forest University in Winston-Salem. The property will feature 340 apartment units, roughly 5,000 square feet of ground-level retail space and a parking deck with more than 850 parking spaces. The apartments and retail will wrap around the parking deck, which will be shared by residents, employees and visitors. The property will be situated between North Patterson Avenue and Chestnut Street adjacent to Wake Forest Biotech Place. The city of Winston-Salem and Forsyth County are providing property tax reimbursements for the development of the parking deck. Part of Grubb’s Link Apartments brand, the community will feature a street-level cycle center, dog park with dog wash, entertainment space overlooking nearby Bailey Park, courtyard with a saltwater pool, fire pits, grilling stations and a fitness center. The residences will range between studio units and two-bedroom apartments. Grubb Properties expects to break ground in early 2017.
GREENVILLE, N.C. AND MEMPHIS, TENN. — NorthMarq Capital has arranged $49.8 million in non-recourse financing for two student housing communities in North Carolina and Tennessee. The financing includes a $21.7 million construction loan and $5.5 million mezzanine loan for Gather Uptown, a 405-bed student housing community underway near East Carolina University in Greenville. Steve Whitehead of NorthMarq Capital’s Dallas office and Rob Hervey of the firm’s Los Angeles office arranged both loans through an unnamed life insurance company. Both interest-only loans have three-year terms. Whitehead and Hervey also arranged the $22.6 million refinancing of Gather on Southern, a 435-bed student housing property located across the street from the University of Memphis campus. The community was fully occupied at the time of financing. The five-year loan features one year of interest-only payments followed by a 30-year amortization schedule. Whitehead and Hervey arranged the loan through an unnamed life insurance company, and the unnamed borrower will use the financing to take out an existing construction loan.
CONCORD, N.C. — KeyBank Real Estate Capital has arranged a $34.8 million loan for Century Afton Ridge, a 360-unit apartment community in Concord, a northern suburb of Charlotte. The undisclosed borrower purchased Century Afton Ridge in March 2016 and has maintained stabilized occupancy since June. The borrower will use the Fannie Mae loan to refinance existing debt on the property. Trevor Ritter of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule.
HUNTERSVILLE, N.C. — InvenTrust Properties Corp. has purchased Northcross Commons, a 61,000-square-foot, grocery-anchored shopping center in Huntersville, roughly 14 miles north of Charlotte. InvenTrust acquired the Whole Foods Market-anchored center from Hawthorne Retail Partners for approximately $31 million. Located at 9121 Sam Furr Road, Northcross Commons is situated adjacent to Birkdale Golf Community and Country Club and Birkdale Village, a retail development leased to tenants such as Banana Republic, Williams-Sonoma, Regal Cinemas, Talbots and Barnes & Noble. InvenTrust’s portfolio in metro Charlotte includes Poplin Place in Monroe and Sycamore Commons in Matthews.
CHARLOTTE, N.C. — Horizon Development Properties Inc. (HDP) has selected The Fallon Co. to serve as the master developer for the redevelopment of the 16.2-acre Strawn Cottages site in Charlotte. Once completed, the new $330 million mixed-use development will feature 725 new mixed-income apartments, with 145 of the apartments deemed affordable; 20 units of for-sale townhomes; approximately 57,000 square feet of retail space; approximately 330,000 square feet of office space; a hotel featuring 180 rooms; and a central green space. “HDP is excited about The Fallon Co.’s vision that will create an ‘inclusive housing strategy’ within a dynamic mixed-use community,” says A. Fulton Meachem Jr., chief executive officer of HDP. “The Fallon Co. will ensure that HDP’s goal of providing 20 percent of the new rental apartments affordable to families earning between 65 to 80 percent of the area median income becomes a reality. Our model is an essential smart growth strategy that can be duplicated all over our great city.” Situated immediately adjacent to South End in the Dilworth neighborhood, the site is one of the largest fully entitled, transit-oriented development sites in the region. The redevelopment will be conducted in multiple phases, the first of which will consist …
CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.
MOORESVILLE, N.C. — Slate Retail REIT, a Toronto-based owner and operator of U.S. grocery-anchored properties, has acquired Mooresville Town Square, a Lowes Foods-anchored retail center in Mooresville, a northern suburb of Charlotte. The publicly traded REIT purchased the asset for $16.7 million, or $186 per square foot. The shopping center was 88 percent leased at the time of sale to tenants such as Famous Toastery, Jimmy Johns, Firestorm Pizza and Fusion Bowl. Mooresville Town Square is the sixth property in North Carolina for Slate Retail REIT.
MATTHEWS, N.C. — JPMorgan Chase Bank NA has provided the $60 million refinancing of Windsor Square Shopping Center, a 661,156-square-foot retail power center in Matthews, a suburb of Charlotte. Completed in 1987 and renovated in 2014, Windsor Square was 96 percent leased at the time of financing to tenants such as Sam’s Club, hh gregg, J.C. Penney, PetSmart, Tuesday Morning, Kohl’s, Lifetime Fitness, Ross Dress for Less, Outback Steakhouse, DSW, Shoe Carnival and Mattress Firm. Chris Drew, Brent Bowman and Brian Gaswirth of HFF arranged the 10-year, fixed-rate loan through JPMorgan Chase. The borrower, Sterling Organization, used the loan to pay off a maturing CMBS loan.
GREENSBORO, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed a $12.4 million Fannie Mae loan for Piedmont Place Apartments, a newly built, 100-unit multifamily community in Greensboro. Glenn Enochs of Bellwether Enterprise’s Greensboro office originated the loan using Fannie Mae’s Green Financing program on behalf of the borrower, Piedmont Place Apartment Property Investors. Bellwether Enterprise Real Estate Capital closed 52 loans totaling nearly $420 million in September alone, including the Piedmont Place financing.
